Mr. Brad Brodeur reports
CANAMERA ACQUIRES GREAT DIVIDE BASIN URANIUM PROJECT IN WYOMING
Canamera Energy Metals Corp. has entered into an option agreement to acquire up to a 90-per-cent total interest (in stages as described below) in the Great Divide basin uranium project located in Fremont and Sweetwater counties, Wyoming, United States.
The project comprises 104 unpatented mining claims covering approximately 2,080 acres in Wyoming's Great Divide basin, a prolific uranium-producing region with historical production and continuing exploration by multiple operators. The acquisition represents Canamera's entry into uranium exploration in the United States and provides the potential for exposure to a commodity with strengthening market fundamentals.
"The Great Divide basin represents an attractive opportunity to expand our critical minerals focus into uranium," said Brad Brodeur, chief executive officer. "With historical drilling, roll-front mineralization and proximity to advanced-stage projects in the district, GDB provides a strong foundation for systematic exploration."
Option agreement terms
Under the option agreement with Clean Nuclear Energy Corp., a wholly owned subsidiary of Nexus Uranium Corp. (Canadian Securities Exchange: NXSU), Canamera may acquire up to a 90-per-cent interest in the project through a three-stage earn-in as described below.
First option (in order to earn a 51-per-cent interest):
- Issuance of 500,000 common shares of Canamera to Nexus within five days;
- Cash payment of $30,000 within five;
- Cash payment of $100,000 within one month;
- Exploration expenditures of $250,000 within 18 months;
- Additional exploration expenditures of $500,000 within two years.
Second option (in order to earn an additional 20-per-cent interest, for a total 71-per-cent interest):
- Issuance of $250,000 worth of Canamera shares to Nexus;
- Cash payment of $75,000;
- Additional exploration expenditures of $1-million, all within three years.
Third option (in order to earn an additional 19-per-cent interest, for a total 90-per-cent interest):
- Issuance of $250,000 worth of Canamera shares to Nexus;
- Cash payment of $75,000;
- Additional exploration expenditures of $1-million, all within four years.
The property is subject to a 1.25-per-cent net smelter royalty (NSR) payable to Plateau Ventures LLC. If the first option is exercised, the parties will form a joint venture to further develop the project.
Great Divide basin project
The GDB project is located southwest of Jeffrey City and northwest of Wamsutter, Wyo. The property adjoins Premier American Uranium's Cyclone project and is readily accessible by gravel and maintained roads administered by the Bureau of Land Management (BLM).
Mineralization on the GDB property is hosted within typical roll-front deposits, the primary deposit type in Wyoming's uranium districts. The project benefits from extensive historical drilling dating back to the 1970s, with many drill pads still identifiable on the western portion of the claims. Historical drilling by Tournigan Energy on adjacent ground reported a number of holes drilled 500 to 1,000 feet southwest of the project.
Qualified person
The scientific and technical information in this news release has been reviewed and approved by Warren Robb, PGeo (British Columbia), vice-president, exploration, of the company and a qualified person as defined by National Instrument 43-101.
About Canamera Energy Metals Corp.
Canamera Energy Metals is a critical minerals exploration company building a diversified portfolio of interests in energy metals and rare-earth element projects across the Americas, including options in the Great Divide basin uranium project in Wyoming, and the Turvolandia and Sao Sepe rare-earth element projects in Brazil. In Canada, the company's portfolio includes the options to purchase 90 per cent of Schryburt Lake and 100 per cent of the Garrow rare-earth and niobium projects in Ontario and the Mantle project in British Columbia. Across this portfolio, Canamera targets underexplored regions with strong geological signatures and supportive jurisdictions, applying geochemical, geophysical, and geological data sets to generate and advance high-conviction, first-mover exploration targets.
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